HIMYX vs. PRFHX

Last updated Jun 5, 2026

HIMYX (Pioneer High Income Municipal Fund) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, HIMYX returned 2.27%/yr vs 3.06%/yr for PRFHX. A 0.74 correlation means they provide meaningful diversification when combined. HIMYX charges 0.55%/yr vs 0.63%/yr for PRFHX.

Performance

HIMYX vs. PRFHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pioneer High Income Municipal Fund (HIMYX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIMYX achieves a 1.70% return, which is significantly lower than PRFHX's 2.99% return. Over the past 10 years, HIMYX has underperformed PRFHX with an annualized return of 2.27%, while PRFHX has yielded a comparatively higher 3.06% annualized return.

HIMYX

• 1D: -0.18%
• 1M: 0.48%
• YTD: 1.70%
• 6M: 1.49%
• 1Y: 2.79%
• 3Y*: 2.91%
• 5Y*: -0.34%
• 10Y*: 2.27%

PRFHX

• 1D: 0.00%
• 1M: 0.97%
• YTD: 2.99%
• 6M: 3.78%
• 1Y: 10.91%
• 3Y*: 6.47%
• 5Y*: 1.81%
• 10Y*: 3.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HIMYX vs. PRFHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIMYX Pioneer High Income Municipal Fund	1.70%	-1.50%	6.07%	3.64%	-13.08%	6.69%	1.85%	9.56%	4.15%	8.33%
PRFHX T. Rowe Price Tax Free High Yield Fund	2.99%	5.53%	7.00%	7.65%	-14.41%	6.09%	3.40%	9.03%	0.66%	7.31%

Correlation

The correlation between HIMYX and PRFHX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 19, 2006	0.74

The correlation between HIMYX and PRFHX shifts across timeframes, from 0.55 (1 year) to 0.74 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HIMYX vs. PRFHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIMYX

HIMYX Risk / Return Rank: 8
HIMYX Sharpe Ratio Rank: 7
HIMYX Sortino Ratio Rank: 8
HIMYX Omega Ratio Rank: 9
HIMYX Calmar Ratio Rank: 7
HIMYX Martin Ratio Rank: 7

PRFHX

PRFHX Risk / Return Rank: 92
PRFHX Sharpe Ratio Rank: 96
PRFHX Sortino Ratio Rank: 97
PRFHX Omega Ratio Rank: 96
PRFHX Calmar Ratio Rank: 87
PRFHX Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HIMYX vs. PRFHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pioneer High Income Municipal Fund (HIMYX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HIMYX	PRFHX	Difference
Sharpe ratio: Return per unit of total volatility	0.52	3.47	-2.96
Sortino ratio: Return per unit of downside risk	0.99	5.68	-4.69
Omega ratio: Gain probability vs. loss probability	1.13	1.84	-0.71
Calmar ratio: Return relative to maximum drawdown	0.67	4.21	-3.54
Martin ratio: Return relative to average drawdown	1.70	15.64	-13.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIMYX vs. PRFHX - Sharpe Ratio Comparison

The current HIMYX Sharpe Ratio is 0.52, which is lower than the PRFHX Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of HIMYX and PRFHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIMYX	PRFHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.52	3.47	-2.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	0.37	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.66	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	1.29	-0.75

Drawdowns

HIMYX vs. PRFHX - Drawdown Comparison

The maximum HIMYX drawdown since its inception was -35.00%, which is greater than PRFHX's maximum drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for HIMYX and PRFHX.

Drawdown Indicators

	HIMYX	PRFHX	Difference
Max Drawdown Largest peak-to-trough decline	-35.00%	-24.76%	-10.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.22%	-2.75%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	-7.79%	-6.91%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-19.32%	-18.81%	-0.51%
Max Drawdown (10Y) Largest decline over 10 years	-19.32%	-18.81%	-0.51%
Current Drawdown Current decline from peak	-4.29%	0.00%	-4.29%
Average Drawdown Average peak-to-trough decline	-5.65%	-2.77%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.73%	+0.92%

Volatility

HIMYX vs. PRFHX - Volatility Comparison

Pioneer High Income Municipal Fund (HIMYX) has a higher volatility of 1.54% compared to T. Rowe Price Tax Free High Yield Fund (PRFHX) at 1.13%. This indicates that HIMYX's price experiences larger fluctuations and is considered to be riskier than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIMYX	PRFHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	1.13%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	3.10%	2.37%	+0.73%
Volatility (1Y) Calculated over the trailing 1-year period	5.46%	3.33%	+2.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.68%	4.89%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.07%	4.64%	+0.43%

HIMYX vs. PRFHX - Expense Ratio Comparison

HIMYX has a 0.55% expense ratio, which is lower than PRFHX's 0.63% expense ratio.

Dividends

HIMYX vs. PRFHX - Dividend Comparison

HIMYX's dividend yield for the trailing twelve months is around 8.66%, more than PRFHX's 5.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMYX Pioneer High Income Municipal Fund	8.66%	8.63%	5.32%	4.97%	3.88%	3.71%	3.96%	5.35%	5.20%	5.00%	5.66%	5.65%
PRFHX T. Rowe Price Tax Free High Yield Fund	5.47%	5.46%	4.75%	4.19%	2.81%	3.01%	3.47%	3.52%	3.71%	3.64%	3.88%	4.02%

Frequently Asked Questions

Can I hold both HIMYX and PRFHX in my portfolio?

HIMYX and PRFHX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIMYX or PRFHX?

HIMYX has higher volatility (1.54%) compared to PRFHX (1.13%). In terms of maximum drawdown, HIMYX dropped -35.00% vs PRFHX's -24.76%.

Which has better risk-adjusted returns?

PRFHX currently has the higher Sharpe Ratio (3.47 vs 0.52), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.